Saudi Aramco to take 20% in Reliance’s refinery, chemical business at $75 billion enterprise value

Mukesh Ambani on Monday announced that Saudi oil giant Aramco has agreed to take a 20% stake in his flagship Reliance Industries’ oil refinery and chemical business at an enterprise value of $75 billion (around ₹5,32,466 crore).

Making the announcement at Reliance Industries’ 42th annual general meeting, he said this would be the biggest foreign investment in the history of the company.

As part of the deal, Saudi Aramco will supply 500,000 barrels per day or 25 million tonnes per annum, of crude oil to Reliance’s twin refineries at Jamnagar in Gujarat.